Delta Partners Emerging Markets TMT Growth Fund II is set to invest up to 10 million euros (US$12.94 million) into Virgin Mobile Central and Eastern Europe (VMCEE).  The International Finance Corp., the European Bank for Reconstruction and Development  and CEE Mobile Capital  are also participating in this funding round on the same basis as the Fund. 

 

VMCEE is an early-stage mobile virtual network operator (MVNO) providing affordable broadband mobile services to the youth and aspires to be the leading youth lifestyle and consumer-champion brand in the region.

 

Transaction terms were not disclosed. The Fund’s capital will be used to fund the further growth and international expansion of VMCEE.

 

Delta Partners Capital, based in Dubai, is the investment arm of Delta Partners Group (DPG), an emerging markets-focused telecoms, media, and digital (TMD) advisory and investment firm.  It has about 200 employees operating from Barcelona, Bogota, Dubai, Johannesburg, Palo Alto and Singapore. It invests in growth capital opportunities in the TMD sector across Africa, Central and Eastern Europe, the Middle East, and South-East Asia.

 

Kai-Uwe Ricke, chairman of DPG, said “The MVNO world is undergoing rapid transition as consumers move from a voice to a data-centric world.  We are pleased to be able to partner with a global brand that is recognized as a consumer champion in order to launch creative, data-driven services for consumers in Central and Eastern Europe.”

 

Ricke will join the board of VMCEE,  and Boris Nemsic, executive partner at Delta Partners Capital and former CEO of Telekom Austria and Vimpelcom, will join the board of Virgin Mobile Poland.